Ranking of the Largest European Insurance Groups Total, Life and Non-Life

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1 Ranking of the Largest European Insurance Groups 2012 Total, Life and Non-Life November 2013

2 Total Ranking In an environment marked by economic problems and low interest rates, the ten largest European insurance groups succeeded in increasing their revenues by 4.3% in 2012, reaching a premium volume of 428,000 million. In general, the growth was due to international businesses, mainly in Latin America and Asia, in some cases offsetting the pressure in local markets. Ranking of the Largest European Insurance Groups by Premium Volume* 2012 Total premiums No. COUNTRY % Var. 1 AXA France 80,570 84, ALLIANZ Germany 69,299 72, GENERALI Italy 69,159 69, ZURICH Switzerland 34,153 39, PRUDENTIAL United Kingdom 29,517 36, AVIVA 1 United Kingdom 30,147 28, TALANX Germany 23,682 26, CNP ASSURANCES France 29,919 26, CRÉDIT AGRICOLE ASSURANCES France 24,215 22, MAPFRE Spain 19,600 21, TOTAL 410, , Source: FUNDACIÓN MAPFRE. Prepared internally based on the annual reports of the insurance groups. * Gross premiums written according to international accounting standards criteria 1 Continuing operations Seven of the ten groups demonstrated a positive performance, with double-digit increases in the case of Prudential (24.9%), Zurich (16.2%), Talanx (12.6%) and MAPFRE (10.1%). In the case of Prudential and Zurich, this extraordinary growth benefited from the appreciation of the pound sterling and the U.S. dollar (Zurich presents its financial statements in U.S. 2

3 dollars) against the euro, since in their respective currencies growth was somewhat lower (16.4% and 7.4%, respectively). The 2012 ranking is led by Axa, which experienced a 5% increase in premiums and reached 84,592 million due to positive performance in both segments, Life and Non-Life. Next is Allianz with 72,086 million in premiums, representing a 4% increase compared with the previous financial year, due to a boost from the Property & Casualty segment, which registered an increase of 4.7% as a result of the positive performance of its subsidiaries in Latin America and Australia and the growth of the Allianz Global Corporate & Specialty business. Premiums from the Life and Health businesses experienced a 3% increase. Generali occupies the third position in the ranking. The premiums of the Italian group showed a slight increase of 0.7%, which came from both the Life segment (0.9%) and the Non-Life segment (0.2%), due to a boost from the German market and the countries of Central and Eastern Europe. Zurich is in fourth place, with a premium volume of 39,690 million. The General insurance gross premiums rose by 11.4% while the Life segment experienced significant growth in premium income, commissions and deposits. The diversification strategy, both geographically and in the range of products, compensated for the pressure in Europe on margins and volumes. Prudential holds the fifth position. The British group demonstrated strong performance in 2012, both in revenue and earnings. Premiums increased by 24.9% and earnings by 66.1%. By contrast, the next group in the ranking, Aviva, experienced a 7.0% decline in premiums and a drop of 3,758 million in earnings. Regarding revenue, the decrease can be explained within the context of the strategic plan undertaken by the company to simplify its structure and strengthen its financial position. This included the sale of its business in the United States, the reduction of its holding in Delta Lloyd, and the agreement reached with Bankia to transfer its holding in Aseval. Regarding earnings, the main cause of the losses was the extraordinary amortization caused by the divestment of the business in the United States. Talanx occupies the sixth place in the ranking. In 2012 the German group gained a significant increase of 12.6% in premium volume, supported in part by the integration of new businesses and a positive contribution from all of its business lines. It is followed by two French groups, CNP and Crédit Agricole, which experienced declines in premium 3

4 volumes caused in both cases by lower revenues in the Life insurance business, especially in France. By contrast, revenues from their international businesses grew. In any case, both groups reported excellent earnings, with increases of 73.2% in the case of Crédit Agricole and 10.3% in the case of CNP. MAPFRE holds the tenth position, with a premium volume of 21,580 million. The MAPFRE group increased its premium revenue by 10.1% in 2012, with rises in the Life (19.0%) and Non-Life (7.0%) segments thanks to the positive performance of overseas business, especially in Brazil and the United States. Regarding earnings, the ten groups in the ranking obtained profits of 16,283 million, 0.8% less than the previous financial year. The behavior of each group was mixed. Six groups reported excellent earnings in 2012, with double-digit increases all round, while the four remaining groups had lower profits. However, only one group Aviva reported losses, for the reasons described above. NET RESULTS IN FINANCIAL YEARS TOTAL ATTRIBUTABLE TO THE CONTROLLING COMPANY % Var % Var. ALLIANZ 2,804 5, ,545 5, AXA 4,380 4, ,190 4, ZURICH 2,700 3, ,682 3, PRUDENTIAL 1,629 2, ,625 2, CNP ASSURANCES 1,141 1, CRÉDIT AGRICOLE ASSURANCES MAPFRE 1, TALANX 892 1, GENERALI 1, AVIVA 69-3, ,965 - TOTAL 16,421 16, ,801 14, Source: FUNDACIÓN MAPFRE. Prepared internally based on the annual reports. Allianz was the group with highest profits 5,491 million doubling the previous year's earnings due to double-digit growth in operating earnings in all business segments. Crédit Agricole is the next group with a significant increase in earnings 73.2% largely due to the negative impact caused by the depreciation of Greek government bonds in Prudential also obtained a significant increase in its earnings 66.1% due to strong growth in the contributions from its businesses in Asia and the United States. Zurich and 4

5 Talanx significantly improved their investment revenues, which contributed to an increase of 13.7% and 29.1% in their profits, respectively. There were various reasons for the lower earnings. For Axa, it was the non-recurrence of the extraordinary profits obtained in For MAPFRE, the decline was due to provisions and impairments, which amounted to million. And finally, in the case of Generali, the main cause was a loss of 2,496 million in non-operating earnings. At the end of 2012, all the groups 1 were well capitalized and most had improved their solvency ratios. Solvency Margin Group PRUDENTIAL CNP ASSURANCES ZURICH MAPFRE AXA TALANX ALLIANZ AVIVA GENERALI The solvency ratio for Crédit Agricole Assurances in 2012 could not be obtained. 5

6 Life Ranking The premium volume for the ten largest European Life insurance groups was 272,020 million in 2012, representing a slight increase of 1.6% compared to the previous year. Despite the difficult environment, five groups increased their income, offsetting the decline in the other five. As explained in more detail in the first part of this report, the reason for the declines was due both to the difficult situation of certain European markets and to the divestments undertaken by some of the groups. Axa leads the ranking with 53,596 million in premiums, followed by Generali and Prudential. The British group experienced the highest growth in premiums close on 25% due to positive performance in all of its markets. Ranking of the Largest European Insurance Groups by Premium Volume* Life Life No. COUNTRY % Var. 1 AXA France 50,947 53, GENERALI Italy 46,394 46, PRUDENTIAL United Kingdom 29,517 36, ALLIANZ Germany 24,557 25, CNP ASSURANCES France 27,180 23, CRÉDIT AGRICOLE ASSURANCES 1 France 19,900 18, ING Netherlands 18,584 18, AEGON Netherlands 16,853 16, BNP PARIBAS CARDIF France 14,784 16, AVIVA 2 United Kingdom 18,952 16, TOTAL 267, , Source: FUNDACIÓN MAPFRE. Prepared internally based on the annual reports of the insurance groups. * Gross premiums written according to international accounting standards criteria 1 Approximate calculation 2 Continuing operations 6

7 Non-Life Ranking The ten largest European insurance groups in the Non-Life segment increased their revenues by 4.9% to 206,441 million, with increased premium volumes in euros in all the groups except for the German company Ergo, whose premiums fell by 8.7% mostly due to the sale of some of its subsidiaries. 2 Ranking of the Largest European Insurance Groups by Premium Volume* Non-Life Non-Life No. COUNTRY % Var. 1 ALLIANZ Germany 44,772 46, AXA France 30,003 31, ZURICH Switzerland 24,729 27, GENERALI Italy 22,765 22, ACHMEA Netherlands 16,219 17, MAPFRE Spain 14,473 15, AVIVA 1 United Kingdom 11,195 11, RSA United Kingdom 10,485 11, ERGO Germany 12,402 11, COVÉA France 9,844 10, TOTAL 196, , Source: FUNDACIÓN MAPFRE. Prepared internally based on the annual reports of the insurance groups. * Gross premiums written according to international accounting standards criteria 1 Continuing operations The ranking is headed by Allianz, which obtained a premium volume of 46,889 million in 2012, up by 4.7% since 2011, due to the positive performance of its subsidiaries in Latin America and Australia and to the growth of the Allianz Global Corporate & Specialty business. 2 A more in-depth study of this ranking can be found on the website of FUNDACIÓN MAPFRE, Insurance Sciences, Research Section. 7

8 Appendix. Balance Sheet of the 10 Largest European Insurance Groups in 2012 No. Investments BALANCE SHEET INVESTMENTS On account of policyholders ASSETS TREASURY OTHER TOTAL ASSETS 1 AXA 495, ,162 30,546 88, ,849 2 ALLIANZ 401,628 71,197 12, , ,621 3 GENERALI 320,232 53,842 21,647 46, ,745 4 ZURICH 161,520 96,914 7,041 51, ,736 5 PRUDENTIAL 243, ,276 7,866 25, ,287 6 AVIVA 193,424 83,114 28,213 84, ,985 7 TALANX 98,948 7,451 2,119 21, ,254 8 CNP ASSURANCES 297,404 36, , ,216 9 CRÉDIT AGRICOLE ASSURANCES 219,331 41,568 6,276 6, , MAPFRE 35,573 2,045 1,018 18,348 56,983 BALANCE SHEET LIABILITIES No. Capital and reserves SHAREHOLDER FUNDS External partners Total TECHNICAL PROVISIONS Technical provisions On account of policyholders OTHER TOTAL LIABILITIES 1 AXA 53,664 2,355 56, , , , ,849 2 ALLIANZ 53,553 2,665 56, ,527 71, , ,621 3 GENERALI 19,828 2,740 22, ,301 41,068 82, ,745 4 ZURICH 26,695 1,833 28, ,485 96,770 37, ,736 5 PRUDENTIAL 12, , , ,380 35, ,287 6 AVIVA 12,058 1,939 13, ,480 71,017 99, ,985 7 TALANX 7,472 4,171 11,643 89,502 7,451 21, ,254 8 CNP ASSURANCES 14,147 1,441 15, ,488 36,368 22, ,216 9 CRÉDIT AGRICOLE ASSURANCES 10, , ,689 41,586 17, , MAPFRE 7,810 2,326 10,136 35,931 2,045 8,871 56,983 Source : FUNDACIÓN MAPFRE. Prepared internally based on the annual reports of the insurance groups. 8

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